Zcash Defies Market Downturn with 16% Rally

Zcash ($ZEC) has bucked the trend and rallied by approximately 16% over 24 hours, outperforming the wider cryptocurrency market. The market's downturn was partly due to the CLARITY Act's failed Senate vote and the Federal Reserve's interest rate hike.

The price of $ZEC has risen despite uncertainty surrounding US cryptocurrency regulation. Shielded transactions represented 47% of all activity processed by the network as of last week, according to ZecHub. This high share of shielded activity indicates that users are actively using the privacy functionality underpinning Zcash's primary use case.

Zcash has also completed its migration to the Ironwood vault and holders have overwhelmingly backed proposals tied to the next major network upgrade, NU7. The successful transition may help rebuild confidence in the project's development and security after earlier credibility concerns.